Brics to cross-list equity derivatives via new alliance

A new ‘Brics exchanges alliance’ has been formed to allow investors to trade equity index derivatives of each participating exchange in local currencies. The move comes as Asian exchanges increasingly are establishing alliances to promote cross-border interests. But mainland China exchanges are not included in the alliance

Hong Kong Exchange trade lobby

The leading financial exchanges of Brazil, Russia, India, China and South Africa (Brics) plan to cross-list benchmark equity index derivatives on each other's boards in an alliance that should result in investors starting to trade equity derivatives from other Brics in local currencies by June 2012.

The move, announced during the annual general meeting of the World Federation of Exchanges (WFE) this week, will see a tie up of seven Brics exchanges that combined account for 18% of all exchange